Real Estate

Saul Loeb | AFP | Getty Images Rising interest rates are crushing the mortgage market, as precious few homeowners can now benefit from a refinance and more potential homebuyers become priced out. Total mortgage application volume fell another 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
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The average rate on the popular 30-year fixed mortgage just crossed 5%, now standing at 5.02%, according to Mortgage News Daily. This is the first time it has crossed that threshold since 2011, save two days in 2018. It stood at 3.38% one year ago today.  Mortgage rates, which follow loosely the yield on the
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Patrick T. Fallon | Bloomberg | Getty Images As interest rates tick upward, it may be tempting for homebuyers to explore adjustable rate mortgages. The appeal of an ARM, as it’s called, can be the lower initial interest rate compared with a traditional 30-year fixed-rate mortgage. However, that rate can change down the road —
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